Maple Capital Management Inc. Raises Position in Apple Inc. (AAPL)
Maple Capital Management Inc. raised its stake in shares of Apple Inc. (NASDAQ:AAPL) by 12.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,266 shares of the iPhone maker’s stock after buying an additional 8,056 shares during the period. Apple accounts for approximately 3.1% of Maple Capital Management Inc.’s portfolio, making the stock its 5th largest position. Maple Capital Management Inc.’s holdings in Apple were worth $10,696,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in AAPL. Hefty Wealth Partners raised its stake in shares of Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock worth $115,000 after buying an additional 174 shares during the period. American Beacon Advisors Inc. purchased a new stake in shares of Apple during the first quarter worth about $117,000. Glacier Peak Capital LLC purchased a new stake in shares of Apple during the fourth quarter worth about $127,000. Odey Holdings AG raised its stake in shares of Apple by 27.3% in the fourth quarter. Odey Holdings AG now owns 1,273 shares of the iPhone maker’s stock worth $147,000 after buying an additional 273 shares during the period. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Apple during the second quarter worth about $149,000. 61.50% of the stock is currently owned by institutional investors.
Apple Inc. (NASDAQ AAPL) traded up 0.418% during midday trading on Wednesday, hitting $162.275. The stock had a trading volume of 13,460,473 shares. The stock has a 50-day moving average price of $150.76 and a 200 day moving average price of $145.17. The firm has a market cap of $838.19 billion, a PE ratio of 18.424 and a beta of 1.31. Apple Inc. has a one year low of $102.53 and a one year high of $162.51.
Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, topping the consensus estimate of $1.57 by $0.10. The company had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. Apple had a return on equity of 35.40% and a net margin of 20.87%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.42 EPS. On average, analysts predict that Apple Inc. will post $9.02 earnings per share for the current year.
Apple declared that its board has initiated a share buyback plan on Tuesday, May 2nd that authorizes the company to buyback $50.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Monday, August 14th will be given a $0.63 dividend. The ex-dividend date of this dividend is Thursday, August 10th. This represents a $2.52 annualized dividend and a dividend yield of 1.56%. Apple’s payout ratio is 28.64%.
A number of brokerages have issued reports on AAPL. BidaskClub raised shares of Apple from a “hold” rating to a “buy” rating in a report on Wednesday. Barclays PLC reissued a “hold” rating and issued a $146.00 price target on shares of Apple in a report on Tuesday. Vetr lowered shares of Apple from a “buy” rating to a “hold” rating and set a $164.97 price target on the stock. in a report on Tuesday. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $175.00 target price on shares of Apple in a research note on Monday. Finally, Longbow Research reaffirmed a “buy” rating and set a $173.00 target price on shares of Apple in a research note on Friday, August 11th. Twelve research analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $167.33.
In related news, insider Daniel J. Riccio sold 11,949 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $142.86, for a total transaction of $1,707,034.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eduardo H. Cue sold 45,000 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $153.78, for a total value of $6,920,100.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 287,962 shares of company stock valued at $44,702,313. Insiders own 0.08% of the company’s stock.
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL).
Receive News & Ratings for Apple Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple Inc. and related companies with MarketBeat.com's FREE daily email newsletter.